Download the Prospectus
Pre Money Equity Valuation
$30,780,556
Min Raise
$6,000,000
Max Raise
$8,000,000
Estimated Close
2020-01-17
Issue Type
IPO
Lead Manager
PAC Partners Securities Pty Ltd
Type of Securities
Shares
Date First Lodged
11/12/2019
Offer Costs $
$804,300
Market Cap Max
$38,780,556
Key Executives
Stewart Washer (EC), Michael Winlo (MD), Alistair Vickery (ED), Matthew Callahan (NED), John Tooke (NED)
Company Address
50 Angove Street Level 1 NORTH PERTH WA 6006
Exchange
ASX
1st Day VWAP
1.43
Chairman's Letter

Dear Applicant,
On behalf of the Board, I am pleased to offer you the opportunity to participate in an issue of Shares in
Emerald Clinics Limited (Emerald or the Company). Emerald is an Australian company establishing and
operating a network of patient-centred medical clinics that specialise in safe cannabinoid treatment and
real-world clinical evidence generation (Clinics). The kind of evidence Emerald will gather is needed by
licensed producers, regulators, prescribers and patients to ensure any potential benefits of cannabinoid
medicines for patients can be realised.
Legalisation of medicinal cannabis has created a large therapeutics industry that is still in its infancy
globally. Several companies hold manufacturing and production licences, however patient access to
cannabinoid medicines may be restricted in some jurisdictions. In Australia, for example, cannabinoid
medicines are only available to patients through either the Authorised Prescriber Scheme (APS) or the
Special Access Scheme Part B (SAS-B) administered by the Therapeutic Goods Administration (TGA).
Similar models are in place, or in development, in many other jurisdictions around the world. The
Company believes the lack of high quality clinical evidence contributes to a restriction on patient access.
Emerald sees the compilation of this evidence as an opportunity.
Emerald has established a network of specialist Clinics staffed and managed by experienced clinicians
who have received training in cannabinoid medicine. Emerald’s clinicians are also supported by a
research team and a purpose-built technology platform that securely captures clinical data from
consenting patients to generate a unique real-world clinical evidence data asset.
The clinical evidence Emerald will build has the potential to benefit patients by supporting drug
development programs, payment coverage decisions, clinical decision support tools and more.
Emerald’s strategy is to become the leading, independent operator of data-driven, patient-centric,
specialist cannabinoid management clinics across Australia and the world. Emerald will provide, where
appropriate, patient access to cannabinoid medicines under the guidance of a trained clinician. In
addition, Emerald will continue to develop its data management platform to capture and generate a
comprehensive real-world data asset that can be used as evidence to help evaluate the safety and
efficacy of cannabinoid medicines.
To accomplish these goals, the Company intends to expand its existing Clinics in Perth, Sydney,
Melbourne and regional New South Wales with further Clinics in 2020, as well as expand Emerald’s care
and data capture model internationally.
Emerald has already closed multiple anonymous patient data deals demonstrating both the strategic need
for, and commercial potential of, Emerald’s unique data assets and knowledge-generating care model.
The purpose of the Public Offer is to raise a minimum of $6 million and up to $8 million (before associated
costs) by the issue of Shares at an issue price of $0.20 each. The Lead Manager to the Public Offer is
PAC Partners (see Section 7.1 for further details).
Proceeds raised under the Public Offer will enable the Company to:
(a) operate the Clinics and expand the number of Clinics throughout Australia;
(b) further develop and commercialise the Data Platform;
(c) develop novel IP concerning the use of cannabinoid medicine;
(d) attract and retain high quality clinical staff;
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(e) meet the costs of the Offers; and
(f) meet the conditions to apply for Official Quotation of the Shares on the ASX.
The Company has established a Board and management team possessing skills and experience
spanning clinical medicine, clinical trials, data science, learning health systems, digital health, medicinal
cannabis, medical clinic operations, capital raising, corporate governance and administration.
The Board believes the Public Offer represents an attractive and timely opportunity to become a
shareholder in a company that will own data-driven cannabinoid medicine Clinics providing patient care
with a focus on building real-world data. Together with the expertise and experience of its personnel,
Emerald’s offering positions investors to capitalise on the current positive demand for real-world evidence
to support the development and differentiation of cannabinoid medicines.
Potential investors should be aware that there are risks associated with the Emerald business and
therefore there are risks associated with an investment in the Company. These risks include business
risks related to the access and sale of medicinal cannabis, sourcing data from third parties, data
collection risks and patient uptake. The key risks are identified in Section 4 of the Prospectus.
I encourage you to read this Prospectus in its entirety to gain a full understanding of the Company’s
operations before making an investment decision.
On behalf of the Board, I look forward to welcoming you as a shareholder of the Company.
Yours sincerely,
Dr Stewart Washer
Executive Chairman
Emerald Clinics Limited